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Ethereum analysis for May 10, 2021

Looking at the chart on the daily time frame, we see that Ethereum is recording new historical highs day by day. The month of May started with $ 2950 for one Ethereum at the current $ 4175 today. The trend is brutally bullish, but a pullback is always possible because the bullish momentum is very strong. If there is rapid saturation or uncertainty in the global picture, there may be a greater pullback.
Moving averages are always our first support, and they are low enough for now, which does not mean that they can pull the price down to get new support. Looking at the MACD indicator, we are in the bullish trend until the beginning of April, and for now, we have no signs on the indicator that there will be a weakening and reversal of the trend.
Ethereum analysis for May 10, 2021
The price of ether, which has already been dizzying five times this year, extended its early Monday, crossing the psychological milestone of $ 4,000 for the first time. This year’s gain is driven by speculation by new market participants betting on so-called decentralized finance or Defi, which consists of trading and lending platforms based on blockchains aimed at automating many functions of banks and other traditional financial companies. Ethereum blockchain serves as the basis for much of DeFi and is also the basis for many irreplaceable tokens or NFTs, another hot trend in cryptocurrency markets. Ether’s market capitalization now stands at approximately $ 470 billion, approaching a stock market estimate of $ 488 billion for JPMorgan Chase, the largest U.S. bank.
Of course, it is no joke that cryptocurrencies can be extremely volatile in price, which encourages warnings that investors should be careful. Some investors are apparently paying ether to the extent that the premium appeared on the US stock exchange Coinbase about the prices listed on other major stock exchanges, according to Ki Young Yu, the executive director of the crypto data company CryptoQuant.
The number of active addresses trading on the Ethereum blockchain is constantly growing. As of May 1, this indicator increased by 18.76%, from 666,000 to 791,000. Although the number of users depositing their ETH holdings on the stock exchanges has increased by 26% since May 1, since October 23, it has decreased by almost 54%. This decline represents the unwillingness of investors to post profits at current levels, thus creating a long-standing notion of bull images.
Last week, ETH overtook Bank of America as the 28th largest asset in the world. But with $ 454.49 billion today, ETH has now eclipsed the market mountain of consumer giants Val-Mart and Johnson and Johnson and is knocking on the door of JPMorgan Chase – America’s largest bank by assets under management.

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